I have long argued that there needs to be a distinction between the specification and the application of materials.
We should have libraries of materials by specification, such as paint, tile, stucco, etc., which are available to all projects and can be loaded like object libraries. The project material settings would then be by application, such as 1st floor siding, main hall walls, bathroom floors, etc. Materials from the libraries would then be applied to the particular applications within the project.
The advantages are so numerous I won't go into it here.
For more on the subject you can see my wish topic about it
here...